Cintas Workers Secure First Approval for $4 Million 401(k) Deal

A $4 million settlement benefiting thousands of Cintas Corp. employees received preliminary court approval, paving the way for resolution of litigation over the fees and investment options in the uniform maker’s 401(k) plan.

The deal, which is slated to benefit more than 52,000 people covered by the Cintas plan since December 2013, represents at least 30% of the employees’ maximum estimated damages, according to the settlement motion. It also requires the company to look for a new retirement plan recordkeeper within the next five years.

Judge Jeffery P. Hopkins granted preliminary approval to the deal on April 19. He ...